This Module begins by discussing the rules that govern accounting, including GAAP and IFRS. Next, the chapter defines an internal control system and discusses the elements and objectives of internal control. Varying types of fraud and the fraud triangle are then discussed. This is followed by an explanation of the ethical and legal responsibilities of an accountant, including the Sarbanes-Oxley Act and the role of the Public Company Accounting Oversight Board. The Module concludes with an explanation of book value and market value.

Module Outcomes: